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Q1. Short Run Profit Maximizing
The producer of high-quality flatbed scanners is tiresome to decide what price to set for its product. The costs of production and the demand for the product are assumed to be as follows: TC = 500,000 + 0.85Q + 0.015Q2 and Q =14,166 - 16.6P. Conclude the short-run profit maximizing price. Apply this information on a graph showing AC, AVC, MC, P and MR.
Q2. Explain the relationship among the bowed out shape of the production possibilities frontier and the increasing opportunity cost of a good as more of it is produced?
South Korea can produce a maximum of 600 million toaster ovens or 900 million tons of rice per year. The U.S. can produce a maximum of 700 million toaster ovens or 1,000 million tons of rice per year.
Are the assumptions the same as under a simple linear regression. What does TSLS imply about the data if a strong F is found.
Consider what you have learned about the root causes, as identified by leading economic thinkers and policymakers.
This question uses the general monetary model, where L is no longer assumed constant.
Explain each of the following using supply and demand diagrams, With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.
Assume that the central bank takes the drastic strategy in part 1, but that the private sector has rational expectations.
Using the formula for β^1 and β^0, show what will happen to the estimator of the slope and intercept in the SLR model if y is multiplied by the constant k, and at the same time x is multiplied by the constant m.
Find the value of the test statistic (to 3 dec pl). Can we conclude that the proportions have changed during the year.
What can you provide as advice to a manager concerning their choice on the quantity of labor and quantity of capital.
Coke could have followed the price per unit down, but it didn't. Total soft drink demand increased, and Pepsi took a larger share of the demand.
Compute the amount of the natural employment deficit in terms of both billions of dollars and as a percent of natural real GDP.
Give an example of an organization or business in your area that performs the "place" function, and explain why you picked this organization/business.
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